From: jeffrey E. <[email protected]> Sent: Tuesday, March 8, 2016 4:13 PM To: Richard Kahn Subject: Re: New Issue $25 Par. AmTrust Financial Services (AFSI) Non-Cumulative Perpetual Preferred Stock; 7.75% - 7.875% Fixed for Life cash flow? On Tue, Mar 8, 2016 at 10:47 AM, Richard Kahn wrote: attached was sent from both Morgan =tanley and Wells Fargo please advise thank you Richard Kahn HBRK Associates Inc. New York, NY 10022 fax 646-350-0954 <tel:646-350-0954> Begin forwarded message: <=iv style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:=px">From: "Atla=, Andrew S" <[email protected] <mailto:[email protected]» Subject: New Issu= $25 Par: AmTrust Financial Services (AFSI) Non-Cumulative Perpetual Prefe=red Stock; 7.75% - 7.875% Fixed for Life Date: March 8, 2016 at 10:13=33 AM EST To: qspan>"Richard Kahn a" Good Morning Rich, EFTA_R1_01581122 EFTA02470235

Want to show SIC another new i=sue preferred that Morgan Stanley is pricing today. Details: $25 Par New Issue Syndi=ate Offering: AmTrust Financial Services (AFSI)</=> 40 40 Issuer: Q AmTrust Financial Servi=es (Ticker: AFSI) 4 Q Securities Offered: 4> Depositary Shares, Each Representing 1/40th of a Share of _% Non- =umulative Preferred Stock, Series E. =C* 40 Size: 40 $7=mm (3mm $25 par shares) =C* 40 Expected Ratings: =C* Am Best bb+ Maturity: 40 =C* Perpetua= 4,> 40 Price Talk: =C* 4ii 7.75% - 7.875% =C* 4> Offer Price: =C* 4> $25.00 =C* 4) Dividends: =C* Q Payable when, as and if declared on the 15th of March= June, September and December beginning on 6/15/16, Fixed for life =C* 4,> =C* 40 Optional Redemption: Callable at par on or after 3/xx/=021 . 40=t1/40 2 EFTA_R1_01581123 EFTA02470236

Use of Proceeds: * General corporate purposes, which may includ= working capital, capital expenditures and/or strategic acquisitions 4> 4> DRD/QDI Eligible: 4, Yes, See Red for tax and withholding details Sub=ect to US Tax Withholding for NRA Clients: * 4)=.40 =Yes* * 40 Expected Listing: 4> NYSE Timing: 4> 40 Today'= Business Speak soon, Andrew<=u> Andrew S. Atlas First Vice President Equi=y Sales/Middle Markets Group Financial Advisor Morgan Stanley=Wealth Management 1290 Avenue of the Americas, 12th Floor I New York, NY 10104 <tel:%2B1%20212%20705%2045=2> =span style="font-size:9.0ptcolor:#595959">NMLS ID U 1326736 Important Notice to Recipients: Fax: +1 212 705 4592 3 EFTA_R1_01581124 EFTA02470237

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